Form 1098: Mortgage Interest Statement
Form 1098 is an information statement reporting mortgage interest and specified loan data; it supports but does not determine a borrower's deduction.
U.S. tax concepts for qualified homes, mortgage interest, home-equity borrowing, Form 1098, debt limits, and proceeds tracing.
Home Mortgage Interest and Qualified Residence Rules connects the property, debt, use, and reporting tests behind the U.S. itemized deduction. Qualified Residence determines whether property can be the main or selected second home. Mortgage Interest Deduction then addresses ownership, secured debt, acquisition use, debt dates, limits, itemizing, points, and refinancing.
Home Equity Loan Interest Deduction applies proceeds tracing and the same-home requirement to home-equity loans and HELOCs. Form 1098 supplies lender-reported evidence but does not decide the deduction.
| Question | Evidence or guide |
|---|---|
| Is the property the main or selected second home? | Qualified Residence |
| Is the debt secured and used to buy, build, or improve that home? | Mortgage Interest Deduction |
| Were revolving or lump-sum equity proceeds mixed among uses? | Home Equity Loan Interest Deduction |
| What did the lender report, and are there multiple forms? | Form 1098 |
These pages are educational and do not establish a deduction or filing position. Use current IRS guidance and qualified professional advice for an actual return.
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Form 1098 is an information statement reporting mortgage interest and specified loan data; it supports but does not determine a borrower's deduction.
Interest on a home-equity loan or HELOC may qualify when proceeds buy, build, or substantially improve the same qualified home securing the debt.
The U.S. mortgage interest deduction can reduce taxable income for qualifying interest on secured debt used to buy, build, or improve a main or second home.
A qualified residence is a taxpayer's main home or selected second home that meets U.S. mortgage-interest deduction requirements.